Eagle Point Income Company Inc.

As a reminder, this conference is being recorded. It is now my pleasure to introduce Darren Doherty from ProSecPartners. Please go ahead.

Thank you, Operator, and good morning. Welcome to Eagle Point Income Company's earnings conference call for the second quarter of 2026. Speaking on the call today are Thomas Majewski, Chairman and Chief Executive Officer of the company, Dan Koh, Senior Principal and Portfolio Manager for the company's advisor, and Lena Umnova, Chief Accounting Officer for the advisor. Before we begin, I would like to remind everyone that the matters discussed on this call include forward-looking statements or projected financial information that involve risks and uncertainties that may cause the company's actual results to differ materially from such projections. For further information on factors that could impact the company and the statements and projections contained herein, please refer to the company's filings with the Securities and Exchange Commission. Each forward-looking statement or projection of financial information made during this call is based on the information available to us as of the date of this call. We disclaim any obligation to update our forward-looking statements unless required by law. Earlier today, we filed our second quarter 2026 financial statements and investor presentation with the Securities and Exchange Commission. These are also available in the investor relations section of the company's website, eaglepointincome.com. A replay of this call will also be made available later today. I will now turn the call over to Thomas Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company. Tom?

Thank you, Darren, and good morning, everyone. We appreciate your joining the Eagle Point Income Company earnings call today. EIC had a strong second quarter. As of June 30, our net asset value stood at $12.52 per share, which is an increase of 4% from $11.99 per share as of March 31. For the quarter, the company generated a gap return on common equity of 7.1%. During the quarter, we paid an aggregate of 33 cents per share in cash distributions to our common shareholders. The improvement in NAV was driven by a meaningful recovery in loan prices and CLO valuations following the volatility experienced in the first quarter. Concerns around the potential impact of artificial intelligence on software borrowers, together with geopolitical developments, weighed on leveraged loan prices and CLO valuations during the quarter. As sentiment improved during the second quarter, loan prices and CLO valuations recovered meaningfully, while underlying credit fundamentals remained resilient. We believe the first quarter decline reflected a market-driven pricing pressure rather than a broad deterioration in credit. Elevated refinancing, reset, and call activity during the second quarter resulted in the early repayment of certain of our CLO debt investments. Because many of these investments were purchased at discounts to par, Their repayment at par allowed us to realize convexity embedded in those investments sooner than we had originally anticipated. During the quarter, we deployed $39 million into new investments that had a weighted average effective yield of 17.9%, allocating capital across CLO debt, CLO equity, and complementary credit investments where we identified what we believe to be very attractive risk-adjusted returns. We also repositioned the portfolio by rotating capital away from a certain group of underperforming CLO collateral managers towards higher conviction opportunities across CLOs and other private credit investments. While this resulted in certain losses being realized, those losses had largely been reflected as unrealized losses in prior periods, resulting in minimal incremental impact on our NAB during the quarter. We believe the actions taken improved the portfolio's risk-adjusted return potential and enhanced its long-term earnings power. Throughout the quarter, we continued to actively manage our CLO portfolio by completing one reset and two refinancings of CLO equity positions. These actions resulted in a weighted average cost savings of 33 basis points for those CLOs. In addition to lowering the debt costs, the reset position also extended its reinvestment period out to five years. While CLO junior debt remains central to EIC's strategy, we continue to selectively increase our exposure to infrastructure credit, portfolio debt securities, asset-backed securities, and other strategic credit investments. These opportunities are sourced through dedicated teams with specialized expertise across the broader Eagle Point platform. As of June 30th, CLO debt represented approximately 59% of our portfolio, and CLO equity represented about 19% of our portfolio. Non-CLO investments totaled approximately 22% of our portfolio. We believe this broader opportunity set enhances portfolio diversification and allows us to allocate capital to the most attractive risk-adjusted return opportunities we see in the credit markets. One recent example we wanted to share is our investment with Sports Illustrated Tickets, a specialty finance transaction that we originated that was secured by World Cup tickets that was originated by the Eagle Point team. Following a seven-month holding period, this investment generated a 1.2x multiple on investment capital when it was fully realized back in June. We believe Eagle Point's ability to source differentiated investment opportunities complements EIC's core CLO junior debt strategy and enhances long-term shareholder value. Turning to our capital structure, during the second quarter, we issued $1 million of our 6% Series AA convertible perpetual preferred stock. This fixed-rate perpetual financing provides an attractive source of long-term capital and additional flexibility to deploy capital when compelling opportunities arise. We see this financing as a significant competitive advantage, and we're unaware of any other public CLO debt-focused fund with a similar perpetual convertible preferred program. I'll now turn the call over to Senior Principal and Portfolio Manager Dan Coe for an update on the market.